THE PHILIPPINES, MARCH 2, 2012: After reports that Philippine business mogul Manuel “MVP” Pangilinan is not buying out GMA Network Inc., the businessman himself has confirmed that he is indeed eyeing to invest on the rival network, adding the broadcast giant to his growing shares of various media platforms. “There are no ongoing discussions at the moment,” said Pangilinan, but that they “would be interested to take a look at the opportunity.”
With the combined audience shares of GMA 7 and TV5, it is estimated that the businessman will control 60% of the television market. Pangilinan said that his intent is to “replicate what other media groups have done” and determine if the model could be used in the Philippines using TV, radio, and print.
There have also been “preliminary talks” between majority shareholders of the broadcast network and Mediaquest Holdings Inc., a subsidiary of the Philippine Long Distance Telephone Company (PLDT), which Pangilinan also chairs.
“GMA Network is obviously making money. I think they will continue to be profitable,” Pangilinan said when pressed on why he was still interested in GMA 7 after acquiring Associated Broadcasting Corp. (ABC, now TV5). He then added that his group would also be interested in government-owned Radio Pilipinas Network (RPN-9) and International Broadcasting Corp. (IBC-13) should these networks be privatized, and continued to say that he is “definitely not” interested in Lopez-led ABS-CBN Broadcasting Corp.
Pangilinan assured that TV5 employees need not worry about their jobs should the acquisition push through. “One thing we hold sacred to us are the folks who joined us, particularly the initial talents, staff, news people,” he said.
Aside from TV5, Pangilinan’s group has minority interest in three newspapers (Philippine Daily Inquirer, Philippine Star, and Business World) and a block-time agreement with IBC-13. Mediaquest Holdings also owns National Broadcasting Corp. and Cignal Digital TV.
Sources: Inquirer, BusinessWorld
